Fly News Breaks for January 7, 2020
Jan 7, 2020 | 05:49 EDT
BofA analyst Ross Gilardi double upgraded Timken to Buy from Underperform with a $68 price target. The company at its December 12 analyst day offered a "pretty compelling case" for multiple expansion, Gilardi tells investors in a research note. In addition, Timken's 2020 earnings outlook came in better than expected, the analyst adds. After raising his 2020 and 2021 earnings forecasts by 10%-18%, the analyst sees potential upside to $68 per share. Timken closed Monday down 9c to $56.72.
News For TKR From the Last 2 Days
Oct 29, 2020 | 07:52 EDT
Reports Q3 revenue $894.6M, consensus $817.12M. "We are pleased with our performance in the third quarter," said Richard G. Kyle, Timken president and chief executive officer. "Our markets continued to recover from the April trough, and with our strong execution, revenue exceeded our expectations and approached last year's level. Additionally, our strategy to diversify our portfolio and increase our presence in sectors like renewable energy is contributing to our top-line performance in 2020. I am proud of how our Timken associates have shown resilience through the global pandemic. We continue to keep our operations safe, serve customers, deliver solid financial results and position the company for long-term success."